Maverick Capital Ltd. Increases Stake in PennyMac Financial Services, Inc. $PFSI

Key Points

• Maverick Capital Ltd. increased its holdings in PennyMac Financial Services by 150.4%, acquiring an additional 4,849 shares and bringing its total to 8,073 shares valued at approximately $808,000.
• Several institutional investors, including Orbis Allan Gray Ltd and Conversant Capital LLC, also significantly expanded their stakes in PennyMac Financial Services during the first quarter.
• PennyMac Financial Services announced a quarterly dividend of $0.30 per share, yielding an annualized dividend of 1.1%, with a current dividend payout ratio of 16.64%.

Maverick Capital Ltd. increased its position in shares of PennyMac Financial Services, Inc. (NYSE:PFSI - Free Report) by 150.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,073 shares of the real estate investment trust's stock after purchasing an additional 4,849 shares during the period. Maverick Capital Ltd.'s holdings in PennyMac Financial Services were worth $808,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its position in shares of PennyMac Financial Services by 0.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,289,819 shares of the real estate investment trust's stock valued at $429,454,000 after buying an additional 24,055 shares during the period. Invesco Ltd. increased its stake in PennyMac Financial Services by 4.5% in the first quarter. Invesco Ltd. now owns 1,237,118 shares of the real estate investment trust's stock worth $123,848,000 after purchasing an additional 53,660 shares during the period. Orbis Allan Gray Ltd lifted its position in shares of PennyMac Financial Services by 447.5% during the first quarter. Orbis Allan Gray Ltd now owns 926,775 shares of the real estate investment trust's stock worth $92,779,000 after purchasing an additional 757,489 shares during the last quarter. Millennium Management LLC lifted its position in shares of PennyMac Financial Services by 104.5% during the fourth quarter. Millennium Management LLC now owns 518,574 shares of the real estate investment trust's stock worth $52,967,000 after purchasing an additional 264,956 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of PennyMac Financial Services by 0.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 457,234 shares of the real estate investment trust's stock valued at $45,774,000 after purchasing an additional 3,424 shares during the period. 57.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PFSI has been the topic of a number of recent research reports. Barclays dropped their price target on PennyMac Financial Services from $124.00 to $119.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 8th. Wells Fargo & Company started coverage on shares of PennyMac Financial Services in a report on Monday, August 25th. They issued an "overweight" rating and a $115.00 price target for the company. Keefe, Bruyette & Woods lifted their price objective on shares of PennyMac Financial Services from $117.00 to $121.00 and gave the company an "outperform" rating in a report on Wednesday. Wall Street Zen raised shares of PennyMac Financial Services from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, Piper Sandler dropped their target price on PennyMac Financial Services from $125.00 to $121.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 23rd. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $119.33.

PennyMac Financial Services Stock Up 2.0%

NYSE:PFSI traded up $2.34 during mid-day trading on Friday, hitting $117.62. 681,801 shares of the company's stock traded hands, compared to its average volume of 371,869. The company has a fifty day moving average of $102.73 and a 200 day moving average of $99.55. The company has a debt-to-equity ratio of 3.03, a quick ratio of 0.34 and a current ratio of 0.34. PennyMac Financial Services, Inc. has a twelve month low of $85.74 and a twelve month high of $119.60. The company has a market capitalization of $6.08 billion, a P/E ratio of 16.31 and a beta of 1.51.

PennyMac Financial Services (NYSE:PFSI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $3.01 by ($1.99). PennyMac Financial Services had a return on equity of 12.18% and a net margin of 22.00%.The business had revenue of $444.73 million for the quarter, compared to analysts' expectations of $547.44 million. During the same quarter in the previous year, the firm posted $1.85 EPS. PennyMac Financial Services's revenue was up 9.5% on a year-over-year basis. On average, analysts forecast that PennyMac Financial Services, Inc. will post 13.77 EPS for the current year.

PennyMac Financial Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Wednesday, August 13th were paid a dividend of $0.30 per share. The ex-dividend date was Wednesday, August 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. PennyMac Financial Services's dividend payout ratio is presently 16.64%.

Insider Activity at PennyMac Financial Services

In related news, CFO Daniel Stanley Perotti sold 5,850 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $108.20, for a total value of $632,970.00. Following the transaction, the chief financial officer directly owned 228,175 shares of the company's stock, valued at $24,688,535. This represents a 2.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Spector sold 5,000 shares of PennyMac Financial Services stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $105.73, for a total value of $528,650.00. Following the sale, the chief executive officer directly owned 130,604 shares of the company's stock, valued at approximately $13,808,760.92. This represents a 3.69% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,707 shares of company stock valued at $3,446,223. 15.80% of the stock is currently owned by corporate insiders.

PennyMac Financial Services Company Profile

PennyMac Financial Services, Inc, through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. The company operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans.